Ex-Duet Partner Dodges Cum-Ex Jail Threat Ahead of Trial Start

Alain Schibl, a founder of defunct London asset manager Duet Group, agreed to pay €2.2 million ($2.4 million) to settle criminal charges against him over the firm’s Cum-Ex tax deals, just days after his colleagues were hit with German jail terms.

Last week his former partner Henry Gabay was sentenced to four years and 10 months for aggravated tax evasion in the same case while Osman Semerci to three years and six months. The €2.2 million is equal to the profit made in the transaction, a spokeswoman for the Bonn court said in a statement.

Alain Schibl

Photographer: Robin Marchant/Getty Images

The trio ...